As a financial entrepreneur, you have the possibility of creating your own Licensed Payment Institution (minimum € 20 in capital) in Kaunas. Experience is required in the Finance industry.
Fidulink Agents offers several solutions, according to the needs of each of our clients.
In this article, you will discover our different options for obtaining your license I payment institution license (minimum € 20 in capital) in Kaunas, Lithuania.
- What is a payment establishment license, license I (minimum € 20 in capital)?
- Options to create your license I payment institution (minimum € 20 in capital) in Kaunas, Lithuania
- The UAB incorporation package by FIDULINK
- The deadline for obtaining the license I (minimum € 20 in capital) for a payment institution in Kaunas, Lithuania
What is a license I payment establishment license (minimum € 20 in capital)?
A license I payment institution license (minimum € 20 capital) means that a market participant is authorized by the Bank of Lithuania to issue electronic money and provide payment services which are specified in the license. . This means that the participant can make remittances, payment transactions, withdrawals or transfers, etc.
The provision of payment services with license I (minimum € 20 capital) is an authorized activity in Kaunas, Lithuania. Therefore, persons who undertake economic, commercial, financial or professional activities in the form of a business without holding a license to exercise such activities may be subject to criminal proceedings.
There are several types of licenses, but another interesting key license can be the Institutional Electronic Money License in Kaunas, Lithuania.
Authorization of a payment institution to exercise restricted activities
New Programs for new financial investors, creator of FINTECH
The objective of this approval is to allow financial investors to evolve as they develop. Obtaining a license I (with at least € 20 of share capital), allows you to engage in the creation of a payment institution, with restricted activities, to later access the electronic money institution license and get activities with unlimited exercise caps. The EMI License. Facilitate access to this new popular Lithuanian market.
Lithuania, the place to BE
A license from a payment institution is only valid in Lithuania. The UAB company holding this license will have the right to provide restricted activities, only payment services specified in Article 5 of the Payments Act.
If you start with a payment institution license I (with minimum € 20 capital) in Lithuania to achieve the license of EMI (Electronic Money Institution License):
The Payment Institution License I of not less than EUR 20 is established when the payment institution intends to provide only money transfer services;
Bank of Lithuania
- Find out more about the Payment Institution License II (minimum € 50 in capital)
- Find out more about the Payment Institution License III (minimum € 125 capital)
- Find out more about the Electronic Money Institution License (minimum € 350 capital)
The minimum initial capital requirement of a license I payment institution
The initial capital of a payment institution must at all times be at least equal to the greater of the following amounts:
not less than 20 EUR when the payment institution intends to provide only money transfer services;
- A payment institution cannot accept deposits from non-professional market players or issue electronic money. This means that he cannot withhold funds. The License I payment institution cannot offer an escrow account, as for the capital deposit.
Requirements for the protection of client funds
A payment institution that receives funds directly from customers must save them in one of the following ways:
- by holding them in a separate account opened with a credit institution in the Republic of Lithuania (including a branch of a foreign credit institution established in the Republic of Lithuania), with a credit institution in another Member State, Bank of Lithuania or a central bank of another Member State, or invest these funds in safe and liquid low risk assets
- by covering these funds with an insurance contract or by obtaining a guarantee or surety
- A payment institution that holds an authorization for a payment institution providing only the account information service and / or a payment institution that holds an authorization to provide payment initiation services must hold professional liability insurance or other comparable liability coverage.
Operational limits
The average amount of payment transactions executed during the last 12 months by a payment institution holding a restricted activity license, including the agents for which they assume full responsibility, must not exceed 3 EUR per month. Such a license is valid only within the Republic of Lithuania and allows the provision of the payment services specified in Article 5, paragraphs 1 to 6, of the Law on Payments of the Republic of Lithuania.
What are the advantages of a payment institution license I (minimum € 20 capital) in Kaunas, Lithuania?
Payment processing companies licensed in Kaunas, Lithuania have some basic advantages:
- Lithuania's regulatory approach is much more flexible and business-oriented compared to other European jurisdictions.
- However, you will be allowed to provide your services in all EU and EEA countries with your unique Lithuanian license after a host country notification procedure has been carried out by the Bank of Lithuania.
- The costs of maintaining and operating licensed financial institutions are significantly lower than in other European countries, mainly because it is not mandatory to hire all local staff and the regulator allows non-European residents to '' be the principal officers of an approved financial institution with a minimum of local resources. staff in Kaunas, Lithuania.
- Possible access to SEPA and CENTROLink: payment system operated by Bank of Lithuania
- A KYC procedure possible remotely to get to know your customers better
- Flexibility of launching the first year; No fine and regulatory penalties for the first year of operation.
How to obtain a payment institution license I (minimum € 20 capital)?
During the application process, the applicant must demonstrate the following to the Bank of Lithuania:
- The applicant has a high reputation and reputation in the financial community (Experience required)
- Anyone who is or will be a shareholder / director / head of the institution must be of good reputation and possess the relevant qualifications
- The applicant will have appropriate systems in place to manage the risks
- Must be able to demonstrate through the business plan that you plan to provide financial services in a safe and sound manner
- The applicant must take adequate measures to protect user funds (Fidulink can help you open a backup account to meet this requirement.)
How to create my payment institution license I (minimum € 20 capital) in Kaunas in Lithuania?
Create your license I payment institution (minimum € 20 in capital) in Kaunas in Lithuania simply thanks to FIDULINK services
- Drafting of deeds of incorporation of UAB company in Kaunas, Lithuania by Agent Fidulink
- Deposit of capital of 2500 Euros in an escrow account in Kaunas, Lithuania by Agent Fidulink
- Registration of head office address in Kaunas, Lithuania by Agent Fidulink
- Signature of the statutes at the notary | Notary fees by Fidulink Agent
- Registration of the company with the register by the Fidulink Agent
- Opening bank account in Kaunas, Lithuania by Agent Fidulink
- Preparation of the complete license file Payment institution license I (minimum € 20 in capital) in Kaunas in Lithuania (by the customer or by the Fidulink agent according to customer choice)
- Preparation and Implementation of the Showcase Platform with Wallet and / or E-banking (by the customer or by the Fidulink agent according to customer choice)
- Business Model preparation of your UAB company in Kaunas, Lithuania (by the customer or by the Fidulink agent according to customer choice)
- Preparation of your 3-year Financial Plan for your UAB company in Kaunas, Lithuania (by the customer or by the Fidulink agent according to customer choice)
- Application License Payment institution license I (minimum € 20 capital) in Kaunas, Lithuania by Fidulink agent
FIDULINK agents, offers you the possibility to benefit from all the services below thanks to a complete range for payment institutions in Kaunas, Lithuania.
All of our services are done by a lawyer. We carry out all the procedures with a POA (Power of Attorney), a power of attorney for each service that we establish for our clients.
Fidulink Services to fully assist you in the creation of your license I payment institution (minimum € 20 in capital) in Kaunas, Lithuania
Basic Package Creation of UAB company (with limited liability) in Kaunas, Lithuania
- Consultation on the registration of your UAB
- Drafting Power of attorney “Power of Attorney”
- Training and verification of the necessary package of documents
- Preparation and completion of all necessary documents for the incorporation of the new UAB company in Kaunas, Lithuania
- Selection of economic activities according to the register
- Registered address 1 year (legal address) in Kaunas, Lithuania
- Notary services Signature of the statutes at the notary
- Notary fees (according to minimum capital) in Kaunas
- Registration with the registry in Kaunas, Lithuania
- Government incorporation fees
- Bank introduction assistance without travel to Kaunas in Lithuania
- Electronic company constitution documents (pdf)
- A dedicated agent for 1 year
Option I License application with AML web platform compliance set (Basic Pack + Premium Pack) in Kaunas, Lithuania
- Verification of the complete file provided by the customer
- Web Platform Audit
- E-banking audit
- License application fees Payment Institution license I (minimum € 20 capital) in Kaunas
- Procedure from 7 months to 1 years
- Full relationship with Bank of Lithuania
- Full appointments and customer representation travel
- Complete procedure until obtaining the license
Order Basic Pack including UAB company in Kaunas in Lithuania + Application License Payment Institution license I (minimum € 20 capital) in Kaunas in Lithuania
The documents to be submitted by the customer to obtain the license Payment Institution license I (minimum € 20 in capital) in Kaunas in Lithuania | Fidulink can prepare the complete documentation for you with the PREMIUM package.
- Criminal record Team, shareholder, director
- Passport and proof of address of less than three months team, shareholder, director
- CV team, shareholder, director
- Application Assistant for the license application with complete drafting of the file in accordance with the license application for Payment Institution license I (minimum € 20 capital) in Vilnius, Lithuania
- Business Model Presentation of the activity in accordance with the license request I (minimum € 20 in capital) of a payment institution in Vilnius, Lithuania (brochure)
- 3-year financial plan in accordance with your project and the request for a license I (minimum € 20 in capital) from a Payment Institution in Vilnius, Lithuania
- Complete documentation with technical sheets, presenting the operation of the platform
- Complete and precise documentation presenting the AL / FT risks and how to control them
- Complete technical and administrative documentation
We can carry out all the documentation on request or by opting for the Premium Package according to your project in accordance with the license application in Lithuania.
Order Premium Pack Including UAB company in Kaunas - Application License Payment Institution license I (minimum € 20 capital) in Kaunas in Lithuania - Complete Documentation
Deadline for obtaining the procedure for obtaining a Payment Institution License I license (minimum € 20 in capital)
- Newcomers stage (pre-application): pre-application meetings and consultations with experts from Bank of Lithuania to determine whether their future projects comply with legislative requirements, discussion of the submitted documents and their content.
- Preparation of complete file for obtaining License Payment institution license I (minimum € 20 in capital) in Kaunas, Lithuania (Deadline 000 and a half months)
- Submission of an application: Within 5 working days, the Bank of Lithuania checks whether all necessary documents have been submitted and, when no formal deficiencies are identified, accepts the application for consideration.
- Assessment of an application: Within 2-3 months from the date of receipt of the application, the Bank of Lithuania may request the applicant to submit additional information or documents. In this case, the evaluation period is extended.
- Decision on the issuance of a license: After the evaluation of the submitted documents, the Bank of Lithuania takes a decision on the issuance of a license.
- Delay observed following feedback of 3-5 months.
How to contact us :
- By visiting our web platform: www.fidulink.com
- Write to us by email at info@fidulink.com
- Contact the central on Whatsapp or Telegram (Language English, Spanish, French) by going to the home page of our website www.fidulink.com
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